Officials of the People’s Republic of China announced in 2017 that the country will use their own digital currency. Bitcoin is thus rapidly depreciating as it is likely that the use of digital currencies such as Bitcoin will be banned in the country and that the official digital currency developed by China’s Central Bank will be used.

Exchanges around the world are reporting trading records, the Bitcoin price has reached three-year highs, and even the mainstream media is feeling Bitcoin fever. Yet, not every nation in the world is enamored with “The Internet of Money,” as the South American nation of Colombia has decided to end 2016 by banning Bitcoin usage, domestically.

Just days after a Hong Kong tycoon was kidnapped, beaten, and held for millions of dollars in Bitcoin in ransom by criminals, the Financial Supervisory Commission (FSC) Chairman of Taiwan, Tseng Ming-chung, has made a ruling. Bitcoin is now illegal within Taiwan.

The cryptocurrency revolution has taken a most interesting turn in the small Latin-American country of Ecuador – the use of Bitcoins has been entirely banned and to fill the void the government has declared an intent to issue state-backed cryptocurrency.

Bangladesh recently banned the use of bitcoins. This action makes the country the latest in a string of nations that have taken steps to restrict or otherwise ban the use of bitcoin and other digital currencies.

The National Bank of the Kyrgyz Republic, the central bank of Kyrgyzstan, has issued new statements confirming the use of bitcoin and other digital currencies as a form of payment is currently illegal under national law.

El Banco Central de Bolivia, the central bank of the South American nation, has officially banned any currency or coins not issued or regulated by the government, including bitcoin and a list of other cryptocurrencies including namecoin, peercoin, Quark, primecoin and feathercoin.

You have to feel sorry for Bitcoin users trying to keep up with their favorite cryptocurrency, as every week its fortunes seem to swing up and down. In the past 24 hours, Russia has officially banned the use of Bitcoin in a ruling that labels it a “money substitute”...

If you’re going to the Sochi Olympics in Russia, don’t bring bitcoins. Yesterday the Russian Prosecutor General’s office released a statement that clearly prohibits Russians from using the new digital currency.

Russia has just banned the controversial currency known as Bitcoin... The ruling is based on a 2002 law signed into effect by Russian President Vladimir Putin that reads, 'the official currency of the Russian Federation is the ruble. Introduction of other monetary units and money substitutes is prohibited.'

Now it’s possible that China will be the one to pop the Bitcoin bubble. The country’s central bank yesterday banned financial institutions from trading in Bitcoins, or even from processing Bitcoin transactions.

The ruling means it is illegal to buy and sell Bitcoins, buy or sell any goods or services in exchange for Bitcoins, send any Bitcoins to anyone outside of Thailand, or receive Bitcoins from anyone outside the country.